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| Section | Weight | Objectives |
|---|---|---|
| Asset Operation, Maintenance and Performance | 25% | - Asset utilization and performance monitoring - Inventory and spare parts management - Asset reliability, availability and risk management - Maintenance strategies: preventive, corrective, predictive - Compliance, health, safety and environmental requirements |
| Principles of Whole Life Asset Management | 20% | - Asset lifecycle stages: planning, acquisition, operation, maintenance, disposal - Role and contribution of procurement in asset management - Value creation and whole life value concepts - Definition, scope and importance of asset management |
| Sustainability, Ethics and Governance in Asset Management | 15% | - Governance, standards and regulatory frameworks - Circular economy and asset lifecycle sustainability - Sustainable asset management and ESG principles - Ethical and responsible sourcing of assets |
| Asset Disposal and End-of-Life Management | 15% | - Disposal options: sell, reuse, recycle, donate, scrap - Asset valuation and residual value calculation - Environmental and legal obligations in disposal - Data management and asset record keeping |
| Asset Planning and Acquisition | 25% | - Asset requirements definition and specification - Options appraisal: buy, lease, rent, outsource, in-house - Whole life costing and total cost of ownership - Contract types and supplier selection for assets - Procurement processes for capital assets |
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NEW QUESTION # 195
PPC Refinery (UK) must close down an out-of-date refinery which has very poor environmental performance.
The refinery is very sophisticated with many technically complicated machineries, lubricants, coolants and other chemical substances. Decommissioning the refinery is highly risky and hazardous. To manage the decommissioning process well, PPC project team must know these machineries and substances in details.
Which document can provide the technical details on the refinery?
Answer: D
Explanation:
Decommissioning or disposal should start with the original specifications of the assets so that the organisation and supplier can make an appropriate plan. Some specifications also mention the is-sues regarding to end-of- life environmental factors.
NEW QUESTION # 196
Which of the following would be considered independent demand items of stock for a supplier that is manufacturing laboratory imaging equipment? Select TWO that apply.
* Office consumables for the organization
* Raw materials required for production
* Machinery spares for the production lines
* Completed finished goods
* Energy consumption for the organization
Answer: B
Explanation:
Independent demand items refer to goods that are not directly tied to the production process. Examples include:
* Office consumables: Supplies such as paper or printer ink used in general operations.
* Completed finished goods: End products ready for sale, whose demand depends on the market rather than production schedules.
In whole-life asset management, managing independent demand items is important for optimizing storage and procurement, as these items impact operational costs differently than production-related items.
NEW QUESTION # 197
Which of the following is the Japanese word for 'billboard' or 'signboard'?
Answer: A
Explanation:
Kanban (##) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in- time manufacturing (JIT).
Poka-yoke (####, [poka yoke]) is a Japanese term that means "mistake-proofing" or "inadvertent error prevention". A poka-yoke is any mechanism in any process that helps an equipment operator avoid (yokeru) mistakes (poka). Its purpose is to eliminate product defects by preventing, correcting, or drawing attention to human errors as they occur.
Kaizen is a concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. Kaizen (##) is the Sino-Japanese word for
"improvement". Kaizen also applies to processes, such as purchasing and logis-tics, that cross organizational boundaries into the supply chain.
Muda (##, on'yomi reading) is a Japanese word meaning "futility; uselessness; wastefulness", and is a key concept in lean process thinking, like the Toyota Production System (TPS) as one of the three types of deviation from optimal allocation of resources (the others being mura and muri). Waste reduction is an effective way to increase profitability.
Reference: CIPS study guide page 124
LO 2, AC 2.3
NEW QUESTION # 198
Earl & Duke Corp has several organisational business goals. One of these goals sets out the need to have a sustainable financial position and promote economic prosperity. This follows the triple bottom line framework. Which one of the framework's elements does this business goal highlight?
Answer: A
NEW QUESTION # 199
Removal or disposal of assets should depend on an assessment of which of the following? Select TWO that apply.
* The total cost of the equipment
* Location of the equipment and accessibility
* Type of equipment and incorporated components
* Consumer demand for the product
* The current rate of interest for new equipment
Answer: A
Explanation:
Asset disposal decisions should consider:
* Location and accessibility: Equipment located in hard-to-reach areas may have higher disposal costs.
* Type of equipment and components: Some equipment has specific disposal requirements, especially if it contains hazardous materials or valuable components that can be recycled.
These assessments align with whole-life asset management by identifying factors that impact disposal costs and potential environmental effects, ensuring the responsible removal of assets.
NEW QUESTION # 200
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